Secondary Suites is a perfect type of investment property for a first time buyer looking for an investment property. They allow you to live in the house and rent out a space that you would not need. The benefit of a secondary suite (basement apartment) is that the tenant can help you pay down your mortgage.
What to look for in a Secondary Suite (basement apartment):
- Separate Entrance
- Multiple fire exits
- Large Windows that can bring in light and provide an exit if needed
- Separate Bathroom
- Large Bedroom and Living area
- Private Washer and Dryer
The most important feature for this type of investment property is that the secondary suite is legal and meets all of the Ontario Build Code and Fire Regulations.
Secondary Suites are a smart investment in smaller cities such as Waterloo, Hamilton and Guelph however they are ideal in larger cities such as Toronto, Mississauga, Thornhill, Vaughan and Oakville where income properties are a lot more expensive.
Secondary Suites will rent anywhere between $750 – $1,400 per month.
